The Triton


Survey comments: Employee or contractor


Some advice from yacht captains about how to collect income:


There are a lot accountants out there who are not good for our business. You should employ one that has a proven yachting background.


Persevere to find a professional tax accountant who is well versed with S Corp. reporting requirements, and has familiarity with foreign income exclusion provisions. Not many are familiar with both.


Pay an accountant to run the account for taxes and payroll. Keep all your receipts and follow up on your accountant’s work monthly, if not bi monthly.


Never get paid on a 1099. The straight, self-employment tax is charged prior to any deductions.


First, see a professional and understand your tax situation. Do not listen to what anyone else might speculate. See two or three professionals for a decent cross-section of guidance items. It is up to you to know and understand your own country’s tax requirements.


Step one: Find a good accountant.

Steps two through the rest of ’em: Do exactly what he says.


Don’t let the owner pay you cash; big mistake in the long run.


Three rules: Never loan money to the boat; Never loan money to the boat; Never loan money to the boat.


Seek advice ahead of time based on your individual needs and specific situation. Revisit if circumstances change. Look ahead; plan ahead. That short-term position just might turn out to be long term, and benefits might get left on the table.

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